Capital Markets | Auto Finance News - Part 4

Westlake Takes Over Servicing for Bankrupt Lender Total Finance

Westlake Portfolio Management has taken over servicing for Total Finance, a Chicago-based lender that filed for Chapter 11 bankruptcy protection on Feb. 13.   Since April 1, Westlake Portfolio Management has been handling customer service, collections, title management, repossessions, and remarketing for Total Finance’s $100 million auto loan portfolio, the bulk of which consists of […]

Fidelity Bank Exits Indirect Auto

Fidelity Bank is shuttering its indirect auto business after nearly 30 years, Auto Finance News has learned. "Effective May 15, 2019, Fidelity Bank will cease indirect auto originations," according to a fax distributed to dealers in Florida and Georgia, the two remaining states in the bank's dwindling auto finance footprint. "Contracts dated May 15, 2019, […]

China Announces Tariff Retaliation to Take Effect on June 1

China announced that it will increase tariffs imposed on about $60 billion of U.S. goods in retaliation for President Donald Trump’s latest escalation of the trade war. The tariffs will take effect on June 1, according to a statement on the Ministry of Finance’s website on Monday. The charges will thereby be raised on most […]

Ford Motor Credit Posts Highest Earnings Since 2010

Ford Motor Credit earned $801 million before taxes in the first quarter, notching a 25% year-over-year increase and the captive’s best results in nine years. “Ford Credit benefited from lower depreciation on vehicles in our leased portfolio and improvement in credit loss reserves, reflecting continued strength in consumer credit metrics,” said Bob Shanks, chief financial […]

Ferrari Pushes Through Auto Challenges With Profit Beat

Ferrari NV served up more proof the Italian supercar maker can push through headwinds that have beset much of the auto industry, delivering a rise in first-quarter profit that beat the highest estimate. The brand, selling sleek and powerful cars sought after by the megarich, has long sought a spot next to other luxury goods […]
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